AUD/USD trying to catc ha break, scrambling back over 0.75

• The AUD is seeing some lift from better-than-expected China data.
• The overall trend is incredibly bearish, bulls will be looking for some breathing room over 0.7500.

The AUD/USD is catching some lift in the Asia session, hiking back over the 0.7500 major handle but still deep in bear country.

China April factory growth edges up marginally, export orders shrink: Caixin PMI - Reuters

The Aussie is bouncing off of a session low of 0.7475 after China's Caixin Manufacturing PMI posted a mild gain, rising to 51.1 in April after hitting a four-month low in March of 50.1. Initial reaction in the AUD/USD was muted, but the positive undertones to China's manufacturing figures is driving some bullish appetite back into the Aussie for Wednesday.

Later on today will be the FOMC's Monetary Policy meeting at 18:00 GMT, and the US Dollar could see some action if the overall tone of the FOMC comes out fairly hawkish;  while the US is expected to hold off on a rate hike this week, traders are anticipating a further three increases from the Fed before the end of 2018. The widening interest rate differential is playing havoc on the Aussie, which is sliding steadily against the Greenback into new lows for the year.

AUD/USD levels to watch

Aussie bulls have a long way to go if they're going to stage a meaningful correction on the AUD/USD chart, and as FXStreet's own Valeria Bednarik noted, "the pair is still biased lower according to technical readings in the 4 hours chart, as the price is further below a bearish 20 SMA,  while technical indicators stalled their declines well below their mid-lines, but with no signs of changing their previous course."

Support levels: 0.7470 0.7430 0.7400

Resistance levels: 0.7520 0.7550 0.7590